Business Wire

Telephonics Corporation Increases Equity Stake in Mahindra Telephonics from 26% to 49%

8.12.2015 13:32 | Business Wire

Del

Mahindra Defence Systems, a Mahindra Group Company, and Telephonics Corporation, a wholly owned subsidiary of Griffon Corporation (NYSE:GFF), announced today that Telephonics has increased its equity interest in their Joint Venture (JV), Mahindra Telephonics Integrated Systems (MTIS), from 26% to 49%. Telephonics is the first U.S. defence and aerospace contractor to receive approval from the Indian Foreign Investment Promotion Board (FIPB) to increase its stake in an Indian defence company to 49%.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20151208005942/en/

MTIS established its manufacturing and development facility in Prithla, south of New Delhi, India, in December 2013. After an initial set-up, recruitment and employee training period, MTIS now manufactures airborne weather radars and communication equipment. The JV, the first private sector entity of its kind in India, is supporting the “Make in India” initiative of the Indian Government.

“The increase in Telephonics’ stake in MTIS aligns with our endeavour to develop indigenous aerospace and defence manufacturing capabilities in India,” said Mr. SP Shukla, Member of the Group Executive Board of Mahindra & Mahindra Limited and Group President - Aerospace & Defence. “With Telephonics as our JV partner, MTIS will continue to enhance its ability to provide advanced-technology products which will strengthen the capabilities of Indian defence forces.”

“Telephonics is extremely pleased to announce our increased stake in MTIS,” said Joseph J. Battaglia, President and Chief Executive Officer of Telephonics. “This is an important milestone for Telephonics as we continue to build upon our close partnership with Mahindra Defence to address Indian opportunities.”

For more information on MTIS please visit www.mahindratelephonics.com.

About Telephonics

Telephonics' high-technology engineering and manufacturing capabilities provide integrated information, communication and sensor system solutions to military and commercial markets worldwide. Telephonics specializes in aircraft intercommunication systems, wireless communication systems, radars, identification friend or foe products, integrated security systems, air traffic management systems, aerospace electronics, and the performance of threat and radar system analyses.

About Griffon Corporation

Griffon Corporation, headquartered in New York, N.Y., is a diversified management and holding company that conducts business through wholly-owned subsidiaries. The Company oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. The Company provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital to further diversify itself.

About Mahindra Aerospace and Defence Sector

Mahindra Aerospace has led the Mahindra Group’s foray into utility aircraft and aerostructures manufacturing since 2008. Its utility aircraft business, based in Australia, currently produces Airvan 8, the most capable, rugged and versatile utility aircraft in its class. Certified in 38 countries, over 240 aircrafts are in service. Mahindra Aerospace is also developing a 10-seat turboprop, the Airvan 10, which is scheduled for certification in 2016.

Mahindra Defence has companies engaged in catering to the needs of all three wings of Defence forces – Army, Airforce and Navy. The product range includes armoured vehicles, underwater warfare equipment, radars and surveillance equipment etc.

About Mahindra

Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractorsutility vehiclesinformation technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.

In 2015, Mahindra & Mahindra was recognized as the Best Company for CSR in India in a study by the Economic Times. In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.

Visit us at www.mahindra.com

Our Social Media Channels:
Twitter - https://twitter.com/MahindraRise
Facebook - https://www.facebook.com/MahindraRise

Copyright © 2015 Mahindra & Mahindra Ltd. All rights reserved.

Contact information

For more information, please visit us at www.telephonics.com or please contact:
Investor Contact
Michael Callahan
ICR, Inc.
203.682.8311
Michael.callahan@icrinc.com
or
Company Contact
Lisa Ahrens
Telephonics Corporation
631.755.7785
ahrens@telephonics.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Samsung Bioepis and Takeda Sign Strategic Collaboration Agreement to Co-Develop Multiple Novel Biologic Therapies20.8.2017 23:30Pressemelding

Samsung Bioepis Co., Ltd. announced today that it has entered into a strategic collaboration agreement with Takeda Pharmaceutical Company Limited (TSE: 4502) to jointly fund and co-develop multiple novel biologic therapies in unmet disease areas. The two companies will immediately begin working on the program’s first therapeutic candidate, TAK-671, which is intended to treat severe acute pancreatitis. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170820005028/en/ Christopher Hansung Ko, President & CEO of Samsung Bioepis. (Photo: Business Wire) “Takeda’s extensive knowledge and expertise in drug development makes the company an ideal partner for us as we open a new chapter at Samsung Bioepis,” said Christopher Hansung Ko, President and CEO, Samsung Bioepis. “Five years ago, we entered

The Valence Group Issues Fairness Opinion to SK Capital in Connection with Archroma18.8.2017 13:30Pressemelding

The Valence Group has provided a fairness opinion to SK Capital Partners, LP in connection with its recapitalization of Archroma, including investments made by various affiliates of SK Capital. Terms of the transaction were not disclosed. About SK Capital SK Capital is a private investment firm focused on the specialty materials, chemicals and pharmaceutical sectors. The firm builds strong and growing businesses that generate substantial long-term value for its investors. SK Capital utilizes its industry, operating and investment experience to identify opportunities to transform businesses into higher performing companies with improved strategic positioning, growth, profitability and risk profiles. The firm currently has approximately $1.9 billion of assets under management and its portfolio companies generate revenues of over $5.0 billion annually and employ approximat

Biker Summer 2017 campaign: What’s happening during Biker Summer 2017? Moto-tyres.co.uk is giving away exciting prizes!18.8.2017 09:22Pressemelding

Whether it’s a short weekend break or a long-distance tour – once again this year Moto-tyres.co.uk is asking bikers from 10 countries about their dream destinations and longest journeys as part of its “Biker Summer 2017” campaign. To ensure than nothing gets in the way of your next tour, the two-wheeler tyre store from Delticom, Europe’s leading online tyre dealer, is entering anyone who completes the survey before 30 September 2017 into a prize draw to win some great biking accessories. Simply answer three short questions about your plans for bike tours this year (don’t forget to provide your name and email address), and with a bit of luck, you might win one of these great prizes. Up for grabs are a GARMIN motorbike GPS system, a GoPro camera with helmet bracket and five 200-Pound vouchers for new motorbike tyres from the online store – thanks to the product range at Moto-tyres.co.uk, eve

Lenovo Continues to Gain Momentum in First Quarter FY 2017/1818.8.2017 00:04Pressemelding

Behind the strength of its 3-wave strategy, Lenovo’s business transformation continued to gain traction during the first quarter, delivering solid profitability in its core PC and smart devices business, and revenue and profit improvements in targeted growth areas, including the data center and mobile businesses. Fueled by new investments in people and products, Lenovo’s Data Center Group (DCG) introduced the most comprehensive product lineup in its history, with the new ThinkSystem and ThinkAgile portfolio, and continued to build out its end-to-end sales organization. Similarly, Lenovo’s Mobile Business Group launched significant new products led by the Moto Z2 Force, available now on all major U.S. carriers, and ramped up its branding efforts worldwide. “In the first quarter this fiscal year, we had stable performance as we executed our 3-wave strategy with commitment. We

Spirent Tests Wi-Fi Network Performance with O2 at the Coca-Cola London Eye17.8.2017 15:57Pressemelding

Spirent Communications plc (LSE:SPT), today announced its Landslide E10 network test platform has been used with O2 to validate the Wi-Fi network performance and capacity at the Coca-Cola London Eye, before the launch of a new smartphone application last month. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170817005758/en/ Spirent Landslide E10 helped O2 validate Wi-Fi performance and capacity at the Coca-Cola London Eye, before the launch of a new smartphone application last month. (Photo: Busines Wire) Merlin Entertainments plc, operator of the London Eye, wanted to measure its Wi-Fi network performance, to ensure its infrastructure could provide an excellent experience for users of the new app, which puts increased demands on the Wi-Fi network. “The London Eye is a global attractio

Watch BizWireTV: A Camera You Can Wear and Krispy Kreme’s Famous Donuts Get Eclipsed with Chocolate17.8.2017 12:08Pressemelding

On BizWireTV, catch some Quick Biz Hits and see the latest in Star Power. Also see what’s happening in the startup world with the Accelerator Report, featuring the VC Watch and this week’s Startup Standout. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170817005305/en/ BizWireTV is hosted by Jordyn Rolling (Photo: Business Wire Now you can watch BizWireTV, and the latest breakthroughs in tech from the biggest brands, on any screen you want by downloading the new app through the Apple TV and iPhone App Store and Google Play for Android devices. Top of the Wire Introducing FrontRow: the camera re-invented. Watch BizWireTV to see more disruptors as well as the top 5 trending stories of the week! A core c

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom